Fintech Galaxy Launches Open Banking Compliance Services in the UAE 

Fintech Galaxy has officially launched its FINX Comply services in the United Arab Emirates (UAE). The company, licensed by the Central Bank of Bahrain (CBB) and certified by Saudi Payments, demonstrates its commitment to providing high-quality Open Banking and Open Finance services.

Utilising its robust FINX platform, Fintech Galaxy prioritises security, regulatory compliance, and user-friendly Open Banking capabilities. The platform's cloud-based SaaS solution, FINX Comply, offers an Open API Gateway for immediate compliance with Account Information Service (AIS)/Payment Initiation Service (PIS) APIs. This includes Third-Party Provider (TPP) management, comprehensive TPP and Bank dashboards, and Consent Management based on regional standards. Banks and financial institutions can seamlessly integrate with centralised API platforms offered by Central Banks, ensuring a fast, secure, and efficient experience.

The platform's array of APIs, including AIS and PIS, fully comply with local regulations like the Open Banking Framework (OBF) in the UAE, the Saudi Central Bank (SAMA) Open Banking Framework, Central Bank of Jordan (CBJ) Regulation of Open Finance Services Operations Procedures, Bahraini Open Banking Framework (OBF), and more. Fintech Galaxy provides comprehensive TPP and Bank dashboards with metrics and analytics for performance monitoring, along with fine-grained Consent Management and developer-friendly API documentation.

In addition to FINX Comply, Fintech Galaxy offers FINX Connect, enabling Account Aggregation (AIS) and Payment Initiation (PIS) services using open banking standards. This empowers banks and financial institutions to create new API products and value-added services, leading to additional revenue streams. These services encompass Personal Financial Management (PFM) apps, SME credit scoring, Pay by Bank, and Variable Recurring Payments (VRPs).

Mirna Sleiman, Founder and CEO of Fintech Galaxy, emphasises the platform's design to provide fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions. The launch in the UAE is a testament to the company's commitment to financial inclusion, innovation in the MENA region's financial services sector, and the growth of Open Banking.

Integrated with more than 15 banks across the GCC, Fintech Galaxy secured a £5.5 million pre-Series A round in early 2023 to fund its Open Finance platform. This launch aligns with the UAE's recent plans to embrace Open Finance, fostering increased competition, improved customer experience, and lower costs. Regulatory authorities, including the Central Bank of the UAE (CBUAE) and the Dubai Financial Services Authority, have issued draft regulations on Open Banking. The UAE's push toward Open Finance mirrors global trends and is anticipated to attract more fintech companies to the region, accelerating the digital transformation of financial services.

The introduction of FINX Comply in the UAE stands as a significant milestone for Fintech Galaxy, expanding the company's regional presence and providing a vital solution to financial institutions navigating the dynamic regulatory landscape of Open Banking and Open Finance. Fintech Galaxy's commitment to innovation and value delivery solidifies its position as a key player in the region's fintech industry.